The third in a series of Financial Lines conferences focused on Professional Indemnity was held in Moscow on October 9 and hosted by IC Allianz. Experts of IC Allianz and Allianz Global Corporate & Specialty (AGCS) presented on the features of Professional Indemnity and Liability insurance in Russia and abroad. The event was held for brokers, partners and other key players in the insurance market.
First Allianz Russia Professional Indemnity Conference
Hakan Danielsson, CEO of IC Allianz, opened the conference with a welcome speech. “Our integrated company has a rich tradition of holding such specialized conferences focusing on various lines of business, and we intend to keep this trend going,” Danielsson said. “We've already held a successful conference on Liability insurance for hazardous facility owners (OPO) together with AGCS in June this year.”
According to Danielsson, Liability insurance is becoming one of the most important, demanded and widely discussed lines of business, partially due to the serious interest in it on the side of the government. OPO insurance has become obligatory this year, and the insurance of passenger carriers’ liability will become obligatory next year. In addition, a draft law on obligatory insurance of clinics’ liability to patients has been developed, and the market volume for this line of insurance may reach RUR 28 bn, according to tentative forecasts.
Professional liability of notaries, appraisers, court-appointed managers, and attorneys must be insured in Russia at the moment. Insurance of professional liability of auditors and construction companies is imposed (the latter by self-regulated organizations). There is also steady demand for voluntary Professional Indemnity insurance for architects, real estate agents, medical specialists, attorneys, engineers, lawyers, accountants and security companies. “Moreover, many relatively new professional activities are emerging on the market, especially in such areas as telecommunications, IT, media, and consulting. We see the demand for Professional Indemnity insurance there as well,” said Irina Bystronovskaya, Deputy Head of IC Allianz Financial Lines .
Participants in the conference were able to address key notions of Professional Indemnity insurance, and its key differences from Civil Liability insurance. They discussed insurance cover features, cover validity periods and possible extensions, and exmples of foreign practices. In addition, they were able to learn from several case studies of claim settlements by Allianz and AGCS.
Presentations from the Conference
"In Depth Look at Professional Indemnity Insurance" -Lüder Kaiser, AGCS Global Head of Professional Indemnity
"AGCS- Your Partner in Financial Lines" -Karolina Vogelpohl, AGCS Regional Manager Financial Lines Nordic & CEE
"Construction Companies and Professional Indemnity Insurance" (in Russian) -Аndrey Volobuev, Allianz Russia
"Back to Basics of Professional Indemnity in Russia" (in Russian) -Ирина Быстроновская
"Russian Market Practices" (in Russian) -Александр Шемякин